LIC/Astoria development site hits market with $11M price tag

A corner in Queens that has 78,000 buildable square feet has hit the market with an asking price of $11.25 million, according to Ariel Property Advisors, the commercial brokerage marketing the site.

The property, on the border of Astoria and Long Island City, consists of three contiguous lots with 182-feet of frontage on the north side of Broadway between 14th and 21st Streets. Public records show the lots, at 14-01, 14-07 and 14-19 Broadway, are owned by Golden Touch Imports, a company with links to philanthropists Jeff and Leslie Fischer.

The Fischers could not immediately be reached for comment.

“This property offers developers the opportunity to gain a foothold in a rapidly up-and-coming area of Queens,” said Ariel President Shimon Shkury, who is marketing the lots alongside colleagues Howard Raber, Victor Sozio, Michael Tortorici and Randy Modell. “Zoning for the site allows for a development with both residential and commercial components.”

Right now, the site is home to an auto repair shop, whose lease is set to expire, and a vacant one-story, four-bay garage. –Katherine Clarke

People may laugh at people wanting Long Island City to be called LIC, but it’s really on its way up. The art scene is surprisingly big, and there are a ton of luxury developments going up: http://newconstructionmanhattan.com/neighborhoods/long-island-city These places are going to be worth their weight in gold before you know it.